Biden set to release record emergency oil supply Business

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US President Joe Biden is set to make a dramatic intervention in energy markets as he seeks to contain soaring fuel prices.

His administration is said to be considering the largest ever release of emergency reserves. It would see around one million barrels released every day for several months, with the total reaching up to 180 million barrels.

At the same time, there is diplomatic pressure to encourage global publication coordinated by IEA member states.

Oil prices have held above $100 a barrel as Russia’s war in Ukraine rattles markets and traders boycott Moscow. Benchmark Brent crude fell 4% to $109 after the publication’s reports.

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What happened overnight

Asian stock markets fell on Thursday after Chinese industry weakened and Russian bombardment around the Ukrainian capital dashed hopes of progress in peace talks.

Shanghai, Hong Kong and Tokyo fell while Seoul gained. Oil fell more than $7 a barrel in New York but remained above $100.

coming today

• Business : BBGI Global Infrastructure, Chesnara, Hostelworld Mears Group, Provident Financial, S4Capital (annual results); 3i Infrastructure, Oxford Instruments, Pets at Home (commercial statement)
• Economy: GDP (UK)National House Price Index (UK)retail (All)unemployment rate (EU)unemployment benefit claims (WE)Personal expenses (WE)Chicago Purchasing Managers Index (WE)